（原标题：21专访｜中金财富吴显鏖：财富管理3.0是"做规划"的时代） 21世纪经济报道记者 黄子潇 深圳报道 随着低利率、净值化、全球配置时代的来临，对于大湾区居民而言，在机构财富管理能力叠加机构提升 低息环境下，资产配置日益需求增加。 对此，财富管理机构正在积极作为，探索更前沿的资产配置方法论。 在出席2025年湾区财富大会并演讲后，中金财富证券党委副书记、执委会委员、副总裁吴显鏖接受了21 世纪经济报道记者的专访。 他表示，财富管理1.0时代是"卖产品"，2.0时代逐渐过渡到"做配置"，类似"产品超市"，而3.0是"做规 划"的时代，需要解决财富管理（卖方）与投资者（买方）的利益一致性问题。当前，财富管理行业仍 存在"重销售轻陪伴"的短板。机构既要夯实"投"的能力，也应重视"顾"的服务。 另一方面，在全球步入低利率环境后，传统产品收益率走低，"资产荒"问题随之而来。对此，吴显鏖提 出了挖掘多元赛道、拓展稳健资产供给、布局全球化资产配置等建议。 对于如何兼顾全球配置的收益和风险，他介绍了该公司名为"5A配置模型"的方法论，并表示"没有最好 的资产，只有合适的方案。无论什么时候，配置方案永远不应该大幅偏离客 ...

Core Viewpoint - The wealth management industry is transitioning from a scale-driven approach to a value-driven model, emphasizing high-quality development and a focus on comprehensive account-based advisory services [1][4]. Group 1: Changes in Investor Behavior - Since the implementation of the "9·24" financial policy, there has been a noticeable increase in residents' investment enthusiasm, with a significant rise in participation in ETFs and a growing willingness to choose buy-side advisory services [2][3]. - The demand among investors is diversifying, with some increasing their risk appetite and significantly boosting their allocation to equity assets compared to pre-"9·24" levels [2][3]. - The previous frenzy for overseas products has diminished, with improved participation in A-shares and Hong Kong stocks, as well as a notable improvement in the premium situation of on-site QDII funds [2][3]. Group 2: Industry Trends and Challenges - The competition in the market is intensifying, with a continuous decline in the comprehensive commission rates of domestic brokerage firms since 2023, leading to a price war in traditional brokerage services [3][5]. - The traditional sell-side model, which focuses on product sales commissions, risks misaligning with clients' true needs, potentially harming long-term trust and growth for wealth management institutions [3][5]. - The industry is accelerating its transition from a "sell-side sales" model to a "buy-side advisory" model, driven by the need for deeper service and long-term client relationships [5][6]. Group 3: Strategic Directions for Wealth Management - The wealth management value focus is shifting from "product allocation" to "account-based advisory services," encouraging clients to adopt a long-term investment perspective [6][7]. - Institutions are encouraged to develop lifecycle-oriented products that address residents' retirement needs, helping investors mitigate short-term volatility and promoting long-term investment [6][7]. - The introduction of fees based on clients' asset sizes aims to align the interests of wealth management firms with those of investors, enhancing the buy-side advisory model [7][8]. Group 4: Future Outlook and Industry Ecosystem - The personal investable asset scale in China is projected to exceed 300 trillion yuan by the end of 2024, indicating significant potential for the penetration of the buy-side advisory model [8][9]. - Three major trends are anticipated in the future of wealth management: continued diversification of client risk preferences, varying depth and precision of service needs among different client types, and the increasing importance of global asset allocation [8][9]. - The industry is encouraged to foster a healthy and sustainable wealth management ecosystem by promoting the transition to a buy-side advisory model and collaborating with long-term capital sources like insurance and pension funds [9][10].

Core Insights - The event "Winning the Future" hosted by Ping An Securities highlighted the company's commitment to wealth management and the launch of the "Ping An 30" wealth management service system, aimed at enhancing customer experience and investment outcomes [1][3][9] Group 1: Wealth Management Trends - There is a growing trend among Chinese residents to shift asset allocation towards financial assets, particularly equity assets, with increasing reliance on professional wealth management services [3][4] - Ping An Securities has established a comprehensive asset allocation platform with a target of "hundreds of billions in assets, millions of clients, and tens of thousands of products" since launching its "Wealth Winner" service in 2016 [3][4] Group 2: Ping An 30 Service System - The "Ping An 30" service system is designed to address common investment challenges faced by residents, such as high cognitive barriers and market volatility, by providing tailored asset allocation solutions [4][6] - The service system includes various offerings like Ping An 30 stocks, advisory services, public and private funds, and comprehensive services for enterprises, catering to diverse investor needs [7][8] Group 3: Investment Strategies and Tools - The service emphasizes a holistic approach to wealth management, integrating pre-investment, during-investment, and post-investment phases through professional research and advisory services [6][9] - The "Ping An 30" system offers personalized investment solutions based on investor profiles, including options for self-directed investing, advisory services, and customized private fund solutions [7][8] Group 4: Performance and Impact - Since its inception, the "Ping An 30" private fund service has catered to over 2,000 high-net-worth clients, achieving absolute returns exceeding 90 million yuan [8] - The "Yuan Ying T0" trading tool has generated over 1 billion yuan in excess returns for investors since mid-2021, with an annualized return rate exceeding 9% [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the closing price of 43.26 on March 27, 2025 [1][9]. Core Insights - The company reported a slight decline in operating revenue of 0.48% year-on-year, totaling 337.49 billion yuan, while net profit increased by 1.22% to 148.39 billion yuan. The return on equity (ROE) was 14.49%, down by 1.73 percentage points [4][9]. - The company is expected to benefit from economic recovery, with projected operating revenues for 2025-2027 of 342.30 billion, 356.58 billion, and 372.33 billion yuan, respectively [9]. Summary by Sections Financial Performance - For the fourth quarter of 2024, the company achieved operating revenue of 84.78 billion yuan and net profit of 35.21 billion yuan, reflecting year-on-year increases of 7.53% and 7.63%, respectively [4]. - The total loan amount reached 6.89 trillion yuan, up 5.83% year-on-year, with a focus on optimizing the loan structure [5]. - Total deposits amounted to 9.10 trillion yuan, marking an increase of 11.54% year-on-year, with a notable shift towards fixed-term deposits [5]. Income and Profitability - Net interest income for the reporting period was 211.28 billion yuan, a decrease of 1.58% year-on-year, but the decline was narrowing [6]. - Non-interest income rose by 1.41% to 126.21 billion yuan, supported by investment income and fair value changes [6]. Asset Quality - The company's non-performing loan (NPL) ratio stood at 0.95%, with a provision coverage ratio of 411.98%, indicating stable asset quality [7]. - New NPL generation was 66.70 billion yuan, with a focus on monitoring retail loan quality [7]. Capital Adequacy - The core Tier 1 capital adequacy ratio was 14.86%, reflecting a year-on-year increase of 1.13 percentage points, indicating strong internal capital replenishment capabilities [8]. - The company proposed a cash dividend of 2 yuan per share, with a dividend payout ratio of 35.32% [8].